Evercore ISI Initiates Coverage on Arista Networks (NYSE:ANET)

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Evercore ISI assumed coverage on shares of Arista Networks (NYSE:ANET) in a research report report published on Wednesday morning, BenzingaRatingsTable reports. The brokerage issued an inline rating and a $240.00 price objective on the technology company’s stock.

ANET has been the topic of several other research reports. Goldman Sachs Group set a $290.00 target price on Arista Networks and gave the company a buy rating in a research report on Friday, August 30th. Morgan Stanley decreased their price objective on Arista Networks from $300.00 to $275.00 and set an equal weight rating for the company in a report on Friday, June 7th. Royal Bank of Canada set a $300.00 price objective on Arista Networks and gave the company a buy rating in a report on Friday, July 19th. JMP Securities reiterated an outperform rating and set a $280.00 price objective (down previously from $315.00) on shares of Arista Networks in a report on Friday, August 2nd. Finally, Needham & Company LLC decreased their price objective on Arista Networks to $340.00 and set a buy rating for the company in a report on Monday, July 29th. Eight investment analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the stock. The stock currently has a consensus rating of Buy and an average target price of $303.00.

Shares of NYSE ANET opened at $243.76 on Wednesday. The company has a current ratio of 5.77, a quick ratio of 5.17 and a debt-to-equity ratio of 0.04. The stock has a market capitalization of $18.68 billion, a PE ratio of 34.48, a price-to-earnings-growth ratio of 1.49 and a beta of 1.55. The stock’s fifty day simple moving average is $236.05 and its two-hundred day simple moving average is $269.00. Arista Networks has a 12-month low of $187.08 and a 12-month high of $331.27.

Arista Networks (NYSE:ANET) last announced its earnings results on Thursday, August 1st. The technology company reported $2.44 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.98 by $0.46. The business had revenue of $608.32 million for the quarter, compared to analysts’ expectations of $606.78 million. Arista Networks had a return on equity of 28.76% and a net margin of 30.86%. The business’s revenue for the quarter was up 17.0% on a year-over-year basis. During the same quarter last year, the firm earned $1.93 EPS. On average, equities analysts predict that Arista Networks will post 8.67 earnings per share for the current fiscal year.

In related news, SVP Marc Taxay sold 2,000 shares of the firm’s stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $225.20, for a total value of $450,400.00. Following the completion of the transaction, the senior vice president now owns 13,228 shares in the company, valued at approximately $2,978,945.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Kenneth Duda sold 10,876 shares of the firm’s stock in a transaction on Monday, August 12th. The stock was sold at an average price of $224.30, for a total value of $2,439,486.80. Following the completion of the transaction, the senior vice president now owns 1,971 shares of the company’s stock, valued at approximately $442,095.30. The disclosure for this sale can be found here. Insiders sold a total of 49,810 shares of company stock valued at $12,538,880 in the last 90 days. 23.83% of the stock is currently owned by company insiders.

A number of hedge funds have recently modified their holdings of ANET. Gradient Investments LLC purchased a new position in Arista Networks in the 2nd quarter worth $37,000. Golden State Wealth Management LLC purchased a new position in Arista Networks in the 2nd quarter worth $41,000. Financial Management Professionals Inc. raised its stake in Arista Networks by 548.0% in the 2nd quarter. Financial Management Professionals Inc. now owns 162 shares of the technology company’s stock worth $42,000 after acquiring an additional 137 shares during the last quarter. Coastal Investment Advisors Inc. raised its stake in Arista Networks by 311.1% in the 2nd quarter. Coastal Investment Advisors Inc. now owns 185 shares of the technology company’s stock worth $48,000 after acquiring an additional 140 shares during the last quarter. Finally, Valeo Financial Advisors LLC raised its stake in Arista Networks by 24.2% in the 2nd quarter. Valeo Financial Advisors LLC now owns 190 shares of the technology company’s stock worth $49,000 after acquiring an additional 37 shares during the last quarter. Institutional investors own 58.78% of the company’s stock.

Arista Networks Company Profile

Arista Networks, Inc develops, markets, and sells cloud networking solutions in the Americas, Europe, the Middle East, Africa, and the Asia-Pacific. The company's cloud networking solutions consist of extensible operating systems, a set of network applications, as well as gigabit Ethernet switching and routing platforms, including universal leaf, spline, and universal spine products.

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